grace period

noun

Definition of grace period

: a period of time beyond a due date during which a financial obligation may be met without penalty or cancellation

Examples of grace period in a Sentence

The terms of the loan allow for a ten-day grace period.

Recent Examples on the Web Recent grads, too, need this information since after a six-month grace period they will be required to start making regular payments. — Cheryl Winokur Munk, WSJ, 4 June 2021 The grace period applies to overdue rent accumulated between April 2020 and June 2021. — Jamie Goldberg, oregonlive, 20 May 2021 The three credit reporting agencies—Experian, Equifax, and TransUnion—provide a six-month grace period (180 days) before posting medical debt that's in collections to credit reports. — Jennifer Chesak, Health.com, 27 May 2021 The grace period would apply to any rent accumulated between April 2020 and June 2021. — oregonlive, 11 May 2021 Provides for a two year grace period before debt collection on medical debt can begin. — Adam S. Minsky, Forbes, 11 May 2021 Groups traveling together are permitted to book under a single reservation, and all appointments allow for a 15-minute grace period. — Meena Thiruvengadam, Travel + Leisure, 6 May 2021 The trademark expired last month, according to the U.S. Patent and Trademark Office, but the Dodgers have until August to take advantage of a grace period for renewal. — Bill Shaikin, Los Angeles Times, 26 Apr. 2021 Texas could again use federal funds to supplant state dollars and prolong the grace period that would keep funding steady despite enrollment drops through the end of the 2020-21 school year. — Emily Donaldson, Dallas News, 14 Feb. 2021

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'grace period.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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Dictionary Entries near grace period

grace with one's presence

gracias

Gracilaria

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Last Updated

13 Jun 2021

Cite this Entry

“Grace period.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/grace%20period. Accessed 15 Jun. 2021.

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More Definitions for grace period

grace period

noun

English Language Learners Definition of grace period

: an amount of extra time that someone is given to pay a bill, finish a project, etc.

See the full definition for grace period in the English Language Learners Dictionary

grace period

noun

grace pe·ri·od

Legal Definition of grace period

: a period of time beyond a scheduled date during which a required action (as payment of an obligation) may be taken without incurring the ordinarily resulting adverse consequences (as penalty or cancellation): as

a : a period of 30 days or one month during which premiums on insurance policies may be paid without penalty

b : a period of ten days during which certain security interests (as those in fixtures) must be perfected in order to have priority over conflicting security interests under Article 9 of the Uniform Commercial Code

— called also days of grace